Technically this is possible.
The software update URL is named based on a server named software.vmware.com.
It would not be easy, but you could download the SSL Cert using a browser to look at the public certificate and save it.
Then create a webserver on a private workstation, vm ect.. that runs a webserver and serves the SSL Certificate.
You would also need to download all of the update server content and be ready to serve it to the VMware player.
The "key" to making it work would be to modify the system hosting the VMware Player's host file to "match" the stand in servers IP address to the "name" of the SSL certificate.
It is not an easy thing to do.
But it should be possible.